Updated at 17.10
As the US generics market recovers Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) ended the first quarter of 2024 with revenue of $3.81 billion, up 4.3% from the first quarter of 2023, and above the analysts' expectations of $3.73 billion.
Teva's share price, which had risen 33.6% since the start of the year at close of trade on Wall Street yesterday, was up a further 11.5% on the NYSE today - a five-year high - after the results were published, giving a market cap of $17.7 billion.
The Israeli pharmaceutical company reported a GAAP net loss of $139 million, narrowing from $220 million in the first quarter of 2023. GAAP net profit grew 20% to $548 million, or $0.48 per share, below the analysts' forecast of earnings per share of $0.51.
Teva's free cash flow at the3 end of the first quarter was $32 million and its debt amounted to $19.6 billion.
The company reaffirmed its annual outlook, provided earlier this year and still expects revenue of $15.7-16.3 billion, non-GAAP operating profit of $4-4.5 billion, EBITDA of $4.5-5 billion, free cash flow of $1.7-2 billion, and non-GAAP net profit of $2.2-2.5 billion.
Teva president and CEO Richard Francis said, "In 2024 Teva is off to a good start, with global revenues of $3.8 billion showing growth of 5% in local currency terms compared to Q1 2023, fueled by robust growth in our generics business across all regions, and continued growth of our innovative brands AUSTEDO and AJOVY."
He added, "As we mark the first anniversary of our Pivot to Growth Strategy, I am proud of the significant strides we have been making in realizing the goals and milestones we set out to achieve on our journey to growth, including the progression of our innovative pipeline and growth drivers, as well as the recent FDA approvals of SIMLANDI and SELARSDI, the biosimilars to Humira and Stelara, respectively, and the positive Phase III efficacy results for olanzapine Once-Monthly LAI announced this morning. The study met its primary endpoint, demonstrating a well-tolerated effective long-acting treatment option for schizophrenia, with no incidence of post-injection delirium/sedation syndrome (PDSS) observed to date. As we continue to accelerate our growth progress, we reaffirm our financial guidance for 2024."
At the same time Teva and Medincell reported positive results in a Phase III trial for schizophrenia drug Olanzapine.
Published by Globes, Israel business news - en.globes.co.il - on May 8, 2024.
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